Houston-based Battalion Oil said last week it reached agreement with an unaffiliated industry partner to jointly fund an eight-well program in Monument Draw in Ward County in Delaware Basin of west Texas. Initial development will focus on a four-well pad scheduled to commence drilling in late Q2 or early Q3. Drilling will target third Bone Spring and Wolfcamp A and B formations after Battalion’s recent announcement of expanded sour gas compression capacity.
Matt Steele, CEO, said May 28, “The transformation of the company’s financial and operating situation over the past six months has enabled the company to move from playing defense to offense. This is the first key step in our progress toward a multi-year drilling program to generate significant shareholder value.”